“The problem was not that Americans lived beyond their means but that their means had not kept up with what the larger economy could and should have been able to provide. The American economy had been growing briskly … but a larger portion of the economy’s winnings had gone to people at the top…. The central challenge is to rebalance the American economy so that its benefits are shared more widely.” – Robert Reich: AFTERSHOCK (Alfred A. Knopf – 2010)
Brescia:The Cost of Inequality substantiates this lack of balance. Inequality in NJ can be viewed in terms of 1) our poverty rate: 8.7%; 2) differences in our median household income: Whites: $47,036, Black: $29,293 and Latino: $35,744; and 3) the difference between the median income of the three above groups and the State median income of $64,470, suggesting a number of individuals with a disproportionately high income. In comparison with other states NJ fares worse, but not significantly so because these disparities have become widespread throughout the U.S.
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